US STOCKS-Solid earnings to lift Wall St at open

* UPS, 3M, Caterpillar post robust results

* Initial jobless claims rise

* Indexes up: Dow 107 pts, S&P 14.3 pts, Nasdaq 21.5 pts

* For up-to-the-minute market news see [STXNEWS/US]

By Chuck Mikolajczak

NEW YORK, July 22 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) were set for a
higher open on Thursday as strong earnings from Caterpillar,
UPS and 3M eased growth concerns and eclipsed concerns over a
rise in new jobless claims.

Caterpillar Inc (CAT.N: ) edged up 0.3 percent to $67.05
after it reported a better-than-expected quarterly profit and
raised its full-year outlook, citing strong growth in emerging
markets. For details, see [ID:nN22131006]

Profit at diversified manufacturer 3M Co (MMM.N: ) jumped 43
percent, topping estimates on strong demand in emerging
markets. The stock rose 1.5 percent to $83.50. [ID:nN22220690]

Package deliverer United Parcel Service Inc (UPS.N: ),
considered an economic bellwether, advanced 3.7 percent to
$62.20 after posting sharply higher profit and raising its
outlook for the year. [ID:nN21172096]

“It’s not only the earnings, but guidance was good on UPS
and Qualcomm. Caterpillar is very important as far as global
growth and they sounded very positive for the balance of the
year,” said Alan Lancz, president of an investment advisory
firm in Toledo, Ohio.

“On all three of those you’re covering a good gambit of
tech, telecom, global infrastructure and transports, so I think
those three really bode well for adding fire to the bulls and
weakening the double dip fears.”

S&P 500 futures (SPc1: ) gained 14.3 points and were above
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) jumped
107 points, and Nasdaq 100 futures (NDc1: ) advanced 21.5
points.

The earnings reports overshadowed the government report
that weekly jobless claims rose by 37,000 to 464,000, more than
the forecast of 445,000,, although continuing claims were less
than expected. [ID:nN22228055]

“It was close to where we were expecting. We got a little
wiggle on the claims as long as they didn’t go up too much,”
said Frank Lesh, a futures analyst and broker at FuturePath
Trading LLC in Chicago.

The Conference Board’s leading indicators and existing home
sales are both due at 10 a.m. EDT. [1400 GMT]

AT&T Inc (T.N: ) climbed 2.1 percent to $25.43 after it
posted better-than-expected profit and was more optimistic on
growth prospects for the year. [ID:nN22162854]

After the closing bell on Wednesday, Qualcomm Inc’s
(QCOM.O: ) profit beat estimates and the supplier of cellphone
chips boosted its full-year forecast, while eBay Inc’s (EBAY.O: )
profit topped expectations, helped by a record performance at
its PayPal unit and strong European sales. For details, see
[ID:nN21138547] and [ID:nN21115068]

Qualcomm shares jumped 5.6 percent to $38.20 premarket, and
eBay added 3.7 percent to $20.92.

Stock Market Money

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)

US STOCKS-Solid earnings to lift Wall St at open